An artist's impression of the revamped Komune Resort at Coolangatta.Source: Supplied

THE Komune Resort at Coolangatta has been placed on the market by its high-profile owners who plan a global expansion of their up-market brand.

Former pro surfer Luke Egan, Gwinganna Lifestyle Resort owner Tony de Leede and Tony Cannon, are seeking to unlock the capital they have invested in the blue chip beachfront property.

A favourite of world tour pro surfers and host to supermodel competitions, industry sources said the Coolangatta hotspot may reap between $10 and $15 million.

Designed by Italian architect Giovanni D'Ambrosio, the resort is within walking distance of Kirra, the Snapper Superbank and Duranbah and has been a hit with surfers and surf industry representatives in town for the Quiksilver and Roxy pros.

The resort's 1000sq m property with three-street frontage at 146 Marine Parade, Coolangatta, is being sold in a tender campaign by Rick Bird and Tony Bargwanna, of Ray White in Brisbane, and marketed throughout Australia and Asia.

The business partners bought the property, the former Bahamas Resort, for $6 million in 2009 and then embarked on a $3 million refurbishment. They recently obtained approval to renovate the 10-level building into an up-market, family-friendly resort which would also attract corporate clients.

They had planned to spend $4 million on the renovation to bring Komune in line with their successful Komune Bali at Keramas, on Bali's east coast.

Interior for the planned revamp of Komune Resort at CoolangattaSource: Supplied

But Mr Cannon said sale of the Coolangatta property would allow the partners to establish Komune brand facilities at other key resort destinations.

He said the mayor of Peniche in Portugal had approached them to discuss locating a Komune resort overlooking an amazing surf break, they had been offered a similar site in Fiji and received interest from a Japanese ski facility looking to add a Komune action sports resort.

Mr Cannon said Chinese investors had also shown interest and the partners were open to a number of sale options.

"The sale of the freehold will enable the council-approved renovation of the existing 10-level building into a 46-room boutique hotel, function centre and restaurant and will bring the property in line with our very successful Komune Bali, the host of 2013 Keramas Oakley Pro WCT surfing event," Mr Cannon said.

"We have a significant amount of capital tied up in the land and building at Coolangatta and want to unlock that to take advantage of global opportunities that have been presented to us.

"Our vision for Komune on the Gold Coast is for a Miami art deco-themed up-market hotel that caters not only for surfers but couples, families and corporate travellers seeking a unique hotel experience with possibly the best view on the Gold Coast."

Mr Cannon said the Komune brand objective was to offer beautiful resorts overlooking A-grade waves and the partners were looking to expand into action sports and health and wellbeing markets.

Comments on this story

egregor of 'Coomera City' Posted at 12:19 PM February 05, 2014

This will surely test the liquidity of this section of the market it will probably have to be Foreign funded - for I think the locals are without, or they say in the Philippines "Wallum-Pera " = that's rough enough English - apologies to Spanish speakers